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Watch Treasury Secretary Janet Yellen communicate stay to banking convention

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Treasury Secretary Janet Yellen was scheduled to talk Tuesday morning to the American Bankers Affiliation convention in Washington, D.C.

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In ready remarks, Yellen mentioned authorities are ready to increase limitless deposit insurance coverage to different banks if crucial. Regulators just lately backstopped deposits to failed establishments Silicon Valley Financial institution and Signature Financial institution past the traditional $250,00zero Federal Deposit Insurance coverage Corp. restrict.

“Our intervention was crucial to guard the broader U.S. banking system,” Yellen mentioned. “And related actions may very well be warranted if smaller establishments undergo deposit runs that pose the danger of contagion.”

Financial institution shares surged on her remarks, propelling a broader rally on Wall Avenue.

Learn extra:
Treasury Secretary Yellen says the federal government may backstop extra deposits if essential to cease contagion
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